Soyabean futures on the Chicago Board of Trade closed higher on Wednesday, with the most-active March contract up 1.75 percent, in a reversal of a downtrend established earlier this week. Funds fueled gains, traders said, buying an estimated 6,000 to 7,000 soyabean contracts.
The rally in soyabeans was sparked by commercial buying. Strength in the dollar limited gains early, but the uptick in soyabeans pulled corn, and then wheat, along for the ride into positive territory.
Fundamentals remain largely bullish for commodities, floor analysts said, adding that the early-week sell-off in soybeans was overdone given tight US stockpiles.
The March soyabean contract held resistance at $14.00, reaching a session high of $13.95.
Some traders remain cautious ahead of index-fund re-balancing, expected to materialise by Friday, and next Wednesday's US Department of Agriculture crop reports.
January soyabeans ended up 25 cents at $13.86 per bushel; most-active March was up 24 at $13.93-1/2, and new-crop November was up 18 at $12.95-1/2. March soymeal was up $5.20 at $373.00 per ton, and March soyoil was up 0.91 cent at 57.76 cents per lb.
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